Company Registration No. 00795197 (England and Wales)
DONALD HANSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
Weavers
22 Ensign Business Centre
Westwood Way
Westwood Business Park
Coventry
CV4 8JA
DONALD HANSON LIMITED
COMPANY INFORMATION
Directors
Mr Donald Edward Hanson
Mr Edward Andrew Hanson
Ms Elizabeth Mary Hanson
Dr Helen Margaret Hanson
Company number
00795197
Registered office
Manor Farm
Holywell
Shrewley
Warwick
Warwickshire
United Kingdom
CV35 7BH
Accountants
Weavers
22 Ensign Business Centre
Westwood Way
Westwood Business Park
Coventry
United Kingdom
CV4 8JA
DONALD HANSON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DONALD HANSON LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
357
397
Investment properties
4
400,000
400,000
400,357
400,397
Current assets
Stocks
-
466
Debtors
5
3,340
615
Cash at bank and in hand
29,005
32,352
32,345
33,433
Creditors: amounts falling due within one year
6
(8,641)
(16,279)
Net current assets
23,704
17,154
Total assets less current liabilities
424,061
417,551
Provisions for liabilities
(24,501)
(24,501)
Net assets
399,560
393,050
Capital and reserves
Called up share capital
7
10,000
10,000
Revaluation reserve
239,766
239,766
Profit and loss reserves
149,794
143,284
Total equity
399,560
393,050
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DONALD HANSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2020
29 February 2020
2020
2019
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2020 and are signed on its behalf by:
Mr Donald Edward Hanson
Director
Company Registration No. 00795197
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 3 -
1
Accounting policies
Company information
Donald Hanson Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Manor Farm, Holywell, Shrewley, Warwick, Warwickshire, United Kingdom, CV35 7BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.5
Stocks
Stocks are
valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2019 and 29 February 2020
11,820
Depreciation and impairment
At 1 March 2019
11,423
Depreciation charged in the year
40
At 29 February 2020
11,463
Carrying amount
At 29 February 2020
357
At 28 February 2019
397
4
Investment property
2020
£
Fair value
At 1 March 2019 and 29 February 2020
400,000
The investment property was valued on an open market basis on 1st October, 2009 by Peter Clarke and Company, Chartered Surveyors.
It was valued on this date at £325,000. The property has been split so it now comprises a shop unit and a flat with a separate entrance and additional work was performed during the year to 28th February, 2013. The Directors spoke with the valuer in 2017 and in the current market it was believed the valuation should be amended to £400,000. It is believed this is still an accurate valuation at 29th February, 2020 based on similar properties currently on the market.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
615
Other debtors
3,340
-
3,340
615
DONALD HANSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
95
-
Corporation tax
3,997
3,825
Other taxation and social security
31
31
Other creditors
4,518
12,423
8,641
16,279
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
5000 Ordinary £1 shares of £1 each
5,000
5,000
5000 A Ordinary £1 shares of £1 each
5,000
5,000
10,000
10,000
8
Directors' transactions
Dividends totalling £10,500 (2019 - £13,500) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan Account
-
(1,971)
8,746
(3,435)
3,340
(1,971)
8,746
(3,435)
3,340